Andreas Sohmen-Pao's BW LPG has fallen to a fourth quarter loss due to vessel impairments during a period its spot-trading vessels under-performed those of one-time takeover target Dorian LPG.
The VLGC owner said the net deficit to 31 December was $34.1m, against a loss of $19m in 2017.
An adjusted loss of $3m fell below the consensus forecast for an $12m profit during the quarter.
Adjusted core operating profit of $10m missed the $25m consensus, analysts noted.
DNB Markets said the $21,100 per day recorded by BW LPG's spot VLGCs in the period was below the $23,300 per day its analysts had forecast, which explained the weaker earnings.
Analysts led by Nicolay Dyvik noted the performance of the spot ships was in line with that reported by Avance Gas and below Dorian LNG's $27,100 per day.
BW LPG's full-year net loss was wider at $72.39m, from $44.79m in 2017.
Looking ahead, it said that with strengthening fundamentals, it expects the freight market to continue to improve.
"We remain cautiously optimistic for the full year due to sustained US LPG production growth and incremental export volumes being added from other key loading areas such as Australia and Canada," it added.
"However, increased demand for VLGCs from growing US exports will in part be offset by a high level of newbuild deliveries."
It also has a neutral view on Middle Eastern VLGC exports as incremental regional growth is expected to compensate the effects from the re-imposed sanctions on Iran.
"No further newbuild orders remains key to reopening global price spreads and balance the VLGC market," it added.
The company this week announced it would start buying LPG to boost its ship use.
